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medical debt Archives

Medical debt is a leading cause of financial strain

Medical care is expensive, and many in Tennessee lack the savings and financial resources to deal with an emergency. Just one illness or injury can cause a person to spend his or her life savings to keep up with the bills that quickly accumulate after a hospital stay or visit to the emergency room. Even when people have insurance and steady income, medical debt is a reason why many have to file for bankruptcy protection.

Options for individuals drowning in medical debt

A car accident, prolonged illness or other type of medical emergency can quickly wipe out a person's savings and lead to crippling and overwhelming bills. Many Americans carry medical debt, but for some, it can spiral out of control and lead to a financial crisis. There are a few ways by which a Tennessee consumer can handle this type of debt and seek a better financial future.

Many people find themselves overwhelmed by medical debt

Medical care is expensive, even for people in Tennessee with health insurance. Even a minor procedure or one visit to the emergency room can result in crippling medical bills and overwhelming debt. It is common for people with some type of coverage to accumulate significant medical debt because of a chronic health condition, emergency health issue or surgery.

Knowing the options when dealing with high levels of medical debt

Visiting a medical facility for treatment can be an intimidating experience, and in some cases, it may also be unavoidable. Unfortunately, the high costs of care could place a person in Tennessee in a significant financial bind and leave him or her desperately searching for relief. While there might be options available for those facing overwhelming amounts of medical debt, some may be uncertain of how best to handle the situation.

Medical debt: Even a small balance can lead to financial struggle

The fear of the costs associated with an unexpected medical emergency is a concern for many individuals in Tennessee. However, while dealing with high amounts of debt can be a daunting process, even smaller amounts of medical debt can create an unfortunate situation. Recent studies suggest that when it comes to unpaid medical bills, individuals may receive collection notices on amounts as little as $200.

Medical debt driving retired seniors to bankruptcy

Getting sick, suffering an injury or simply getting older -- all of these are unavoidable aspects of being human. With the high cost of health care, medical debt may be an unavoidable part of being human, too. This particular economic strain can be devastating no matter what stage of life a person is in, but seems to be weighing particularly heavily on Tennessee's elderly population. 

Using a credit card to pay for medical debt could prove costly

A medical emergency can take place without a moment's notice, and the costs of treatment can leave a person in Tennessee facing dire financial straits. Individuals who are left scrambling to cover financial obligations may feel as though a credit card may provide them with relief. However, using a credit card to pay for medical debt might not be advisable, and there might be other options that could help a person avoid a potentially disastrous situation.

Laws regarding unpaid medical debt in Tennessee

Whether as the result of a planned procedure or an unexpected emergency, most people will incur medical expenses at some point in their lives. However, health care costs continue to rise, and even with insurance, a person can become strapped with unpaid medical bills that will adversely affect their finances and make it harder to make ends meet. When facing this situation, it is a good idea for one to know the laws regarding medical debt in Tennessee.

Health care credit cards might be driving up medical debt

Even with insurance, the cost of accessing medical care is a barrier that many people in Tennessee face. As a solution, some doctors' offices now offer medical credit cards, giving patients lines of credit on which to charge their related bills. Unfortunately, this approach may drive some even further into medical debt.

Medical debt can come on suddenly and ruin the best laid plans

Tennessee residents can make all the right choices and still face an enormous burden of debt. That is especially true when it comes to medical debt. There are cases where an individual works for decades, sets aside savings and makes wise choices in purchasing a home and accumulating debt. A sudden injury or illness can throw all of that hard work away. 

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